Which Type of Mortgage is Best for Me?

I get this question nearly everyday.  First off, I am a real estate agent not a loan officer but the home you choose to purchase can make a difference in the type of mortgage you will need.  The most popular mortgages are Conventional, FHA and VA.  Conventional mortgages are the most common and in the past have required at least a 20% down payment.  Currently you can obtain a Conventional mortgage with as little as 5% down. 

An FHA Mortgage which is backed by Federal Housing Administration (Fannie Mae & Freddie Mac) offers down payments as low as 3.5% down.  With a FHA mortgage the home must be in move in condition including having a stove, functioning hot water heater and here in Las Vegas, working air conditioning.  Current maximum amount for a FHA mortgage in Las Vegas is $287,000.

VA mortgage is a great way to go if you qualify.  VA Mortgages are reserved for current and former military personnel.  This mortgage offers $1 down with a maximum purchase price of $417,000.  VA mortgage also does not require mortgage insurance so the monthly payments are considerably less than FHA or 5% conventional mortgages.  As far as the home goes, the home must be in move in condition and must be owner occupied within 30 days of close of escrow. 

For more information on which mortgage is best for you and to search home, click here.

Is it Time to Sell?

Have you been thinking of selling your home but just not sure if now is the time?  Are you making life changes in 2014 and now is the time to sell?  No matter what your situation, the real estate market in Las Vegas is good.  There has been an increase in home inventory through the holiday period and there are now approximately an even number of buyers and sellers in the market place, which has reduced the multiple bidding wars that were common last summer.  In most neighborhoods prices have continued to rise at a slow but steady pace.  There are a few neighborhoods where prices have capped out and even dropped a percentage or two. 

You can find out what your home is worth with a no obligation Home Value Report.  Even if you are still upside down or underwater on your mortgage there are several options still available to you, in order to minimize the effect to your credit history.  The FREE Home Value Report is a great way to find out just where you stand. 

Mike Kruse - Vegas International Properties Realty Group - 702.286.3434

Skye Canyon Master Planned Community Announced

 

Skye Canyon master planned community has been announced and will be located in northwest Las Vegas.  Situated on 1,700 acres, this master planned community will eventually have 9,000 homes along with hiking and biking trails.  This community is being developed by Olympia development which is best know for the award winning Southern Highlands community in southwest Las Vegas.  Skye Canyon, will be located near Grand Teton and US 95, just north of Centennial Hills and adjacent to Providence master planned community.  Ground breaking is set to take place in early 2014 with homes available by late 2014.  To get the latest updates on Skye Canyon master planned community, use this link and then click on "Contact Us".

Brand New Homes on Sale

Most national home builders are publicly traded companies and there fiscal year will end with the calendar year.  What this means for consumers wanting a new home is now is the time to buy and make it quick.  Any home builder with standing inventory is shaking in there boots right now.  They need the inventory off the books regardless of cost or loss.  There are some good specials to be had here in Las Vegas.  Some builders are including all appliances and will pay all closing costs and even willing to drop the already reduced price.  The price on new homes has shot up over the past few months but with these year end specials, they are a great deal.  After December 31st, the builders won't mind the homes sitting again until the jump in the market that happens virtually every spring.  For the latest deals check out brand new homes on sale and ring in 2014 in a beautiful new home.

Brand New Townhouses from $122,990

The prices of homes in Las Vegas have shot up over the last several months.  I have found an amazing deal in northeast Las Vegas.  Brand new townhouses available from 122,990.  These are not just basic townhouses either, they feature two car garages and include granite counter tops and are being sold completed meaning all appliances and window coverings are included. 

The community, Cliffs at Dover,  located near Nellis Air Force Base has easy access to I-15 and is a guard gated community with a clubhouse and swimming pool.  Once completed the community will have 500 homes.  These brand new townhouses from $122,990 are selling quickly and have great financing incentives for first time home buyers. 

Las Vegas Real Estate Stabilizing

The Las Vegas real estate market has been hot over the past few months.  It appears the heat just like summer is leaving.  The Greater Las Vegas Association of Realtors announced yesterday that the average home price in September was down 1.1% from August 2013. 

There are several reasons this may be.  I can attest that as an active Realtor in Las Vegas I have seen some neighborhoods that have dropped a couple thousand dollars but this is certainly not across the board.  I expect the main reason in the average price dropping is that more lower priced homes were sold and fewer higher priced homes.  When you average it this will show a slight drop.  Prices certainly are stable and are not falling like a brick. 

As a Realtor in Las Vegas my main objective, besides providing the best service to my clients, is keeping a pulse on the market.  The market started cooling in the middle of August and is not chugging along with no help from the government shutdown but I will save that for another post.

If you have been thinking of selling, now is a great time as prices are up significantly for the year.  Las Vegas real estate is stabilizing and you can get a free report on the current value of your home here.

Las Vegas Becoming A Buyers Market

No, Las Vegas is not becoming a buyers market anytime in the immediate future.  However, the market is certainly stabilizing.  There are now nearly 6,000 single family homes available which is up about 50% in the past month.  Multiple offers are still happening in various parts of the valley.  Particularly the southwest and Henderson areas.  Now, sellers are getting greedy.  With more homes on the market, prices have stopped rising so quickly even falling slightly in a couple areas. The new thing I am seeing daily in working with home buyers is that the sellers are asking to waive the contingency on appraisal.  I don't recommend doi9ng this unless you are able to pay the difference in cash.  See homes in Las Vegas here.

Relocating to Las Vegas

Now that you have realized you are relocating to Las Vegas, where do you live.  Unfortunately budgets sometimes dictate where we live but you still have choices.  If you plan on purchasing a property, learn the area and be realistic with your expectations.  Summerlin and Green Valley are very desirable area in the Las Vegas valley.  If you intend to purchase a home in Summerlin or Green Valley plan on paying at least $150,000 for a condo and over $200,000 for a house.  There are adjacent areas that are less but home prices have risen over 40% in the past year and the great bargains are simply nonexistent.

Foreclosures are still plentiful here in Las Vegas but with the recent price increases, banks have realized this is their chance to make some of their losses back.  Foreclosures are now typically listed at top price and do usually need work.  Inventory remains low, so just getting your offer accepted is a good deal even if it means you are paying top dollar. 

Set your dreams of the mansion aside and think really where you want to live.  What is important, being close to work, having great restaurants in the area or having easy access to the freeway?  These are the things to think about and then make your decision where to live.  Relocating to Las Vegas has never been easier with Mike Kruse as your Realtor / personal moving guide.

What Higher Interest Rates Mean For Las Vegas Real Estate

People have been asking me over the past week, what higher interest rates mean for Las Vegas real estate?  The answer is complicated but in the short term, I view it as a good thing.  How can higher interest rates possible be good?  It is easy, the higher rates will send some home buyers to the side lines and this will bring multiple offers to a stop and the people that really want a home will still be able to get into one, just without the fight now.  While they may pay a little more to own the home, current rates of 4.5% are still considered historically low.  Even if rates go into the 5%-6% range, most people will still be able to get the home they want.

Now the down side to what higher interest rates mean for Las Vegas real estate.  Sellers, will see home prices stabilize and the large increases over the past 6-8 months are already slowing.  I do not see a housing bubble or a decrease in prices at all.  I think the only way housing in Las Vegas would decrease in value in the near term is if interest rates shot over 7%. 

The bottom line is inventory of homes on the market is increasing so the law of supply and demand are kicking is and prices are leveling off.  Buyers will be able to buy and sellers will be able to sell.  This will certainly be more of what is considered a "normal" market. 

Click this link to search for your new home.

Ride The Real Estate Wave

If you already own a home, you have been riding the real estate wave.  The good news is the surf is up.  With prices here in the Las Vegas area up over 30% just since the beginning of the year.  While it has been tough for home buyers, especially buyers that are financing, there is hope in sight.  The bad news / good news is that interest rates have crept up a bit over the past few weeks.  While not significant, it will put a few people on the sidelines.  Additionally, some buyers will get a little more aggressive with their offers so they can seal a deal before rates inch higher. 

Foreclosures have been down a bit but banks seem to be taking steps to continue foreclosure processes.  33% of home sales here in the Las Vegas area in May 2013 were still short sales.  If you purchased a home from 2004 - 2006 you are still likely upside down.  If you are in a position that you cannot or don't want to ride the wave any longer, short sale now.  The short sale process takes several months and you must close escrow before December 31, 2013 to avoid paying taxes on the difference between your mortgage payoff and your sales price.  Effective January 1st that will once again be considered income and you will be responsible for any taxes owed on that deficiency.

Really overall there is no better time than now to ride the real estate wave.

Sell Your Home in 72 Hours

Here in Las Vegas you can sell your home in 72 hours.  The current market is crazy and with the continued low interest rates, buyers are everywhere.  Prices are up 30% over this time last year and there are fewer short sales because prices are up.  In April 2013, 55% of home sellers received cash at the close of escrow. 

Here is the deal, I have a buyer with $1 Billion dollars in cash wanting to buy homes.  If you don't want people trampling through your home, this is the way to go.  This buyer will pay current market value and will not try to under cut you. 

With my 72 Hour listing, you sign the listing agreement, I contact the buyer and tell them about your home.  They will either view the property or write an offer based on the photos I take at the listing appointment.  If after 72 hours, you do not have a fully executed contract and you are free to go about your business. 

The only fine print is that the home must be in the Las Vegas valley.  This deal is valid until the billion dollars is spent.  No reason to wait when you can sell your home in 72 hours.  Contact me at 702.286.3434 or email mike@lvhomesbymike.com

Las Vegas Homes Are Undervalued

According to Trulia, Las Vegas homes are not just undervalued, they are the most under valued in the United States.  The Las Vegas housing market is under valued by 24% according to the study.  I could not agree more as I am seeing this everyday.  Multiple offers well over list price are normal in the current real estate market here in the Las Vegas valley.  Buying a home is not an easy task.  In a normal market you would go find the home you like, negotiate the price and be done.  Now finding the home is most of the battle.  Just this week I experienced a situation where I presented my clients offer in person in hopes of winning over the other 13 offers. 

Some people will argue that with prices going up that this is another housing bubble.  Jennifer Robison at the Las Vegas Review Journal said it best "The only bubbles in Las Vegas are in the nightclub champagne."

If you want to purchase a home, you need to be aggressive.  Don't pay attention to the list price.  Go based off what you feel the value is and comparable sales in the area.  Unless you are paying cash, you will need the property to appraise at the sales price in order for you to get a mortgage so don't be afraid that you are over paying.  In some instances the appraisals are coming in low but sit down and review the appraisal with your agent.  You may still be better off paying the appraisal difference in cash than starting the race to find another home.  As long as Las Vegas homes are undervalued, expect multiple offers and sales prices well over the list price.  It is a great time to be a home seller.  To buy or sell a home in the undervalued Las Vegas home market use this link.

Buyers Smell

Saying buyers smell, I don't mean they stink.  Home buyers use more than their eyes when deciding on a home to purchase.  I have shown several homes over the past few days, most vacant properties.  As soon as the front door is opened, it hits you.  The smell! 

When selling your home not only does it need to look good, it needs to smell good too.  It is amazing what a coat of paint can do and if you have pet or cigarette odors in your carpet you may consider replacing it.  Not only will your home sell faster, it will likely get more in return than the cost of the carpet. 

On nice days or evenings, open your windows and allow your home to air out and let the fresh air in.

If your home is listed  for sale make sure to empty the trash regularly and make sure their are no dirty dishes in the sink.  Odors can be more offensive to people than holes in walls.  A hole in a wall, a prospective buyer knows they can patch but a smell they are unsure what it will take to get it gone.

Click here to search for your new home that is odor free.

What Will My Payment Be?

When shopping for a home, the question always in your head is "What will my payment be?".  The best thing to do before you even begin home shopping is to find out how much home you can afford and what payment you are comfortable with.  Speak with a loan office at your bank, credit union or local mortgage broker.  Find someone reputable.  The number 1 reason real estate transactions don't close is because the loan officer fails to perform or flat out lies to their client.  Another great resource for a reputable mortgage person is your real estate agent.  I have a group of people I work with on a regular basis and I know who can and cannot get the job done properly and professionally.  Get pre-approved and you know what you can afford and an idea of what the payment will be.

Lake Las Vegas Real Estate

As the weather heats up, our minds turn to cooling off. Where better to cool of than Lake Las Vegas.  Lake Las Vegas real estate is on the rebound just like everywhere else in the Las Vegas and Henderson areas.  With homes ranging in price from $228,000 up to $4 Million.  Condos start in the mid 100's. 

There is life in the Village at Lake Las Vegas too.  All the hotels in the community are open as well as Casino Monte Lago  and all the shops and restaurants in the village along the lake.  Oh, don't forget about the golf. 

The Italian architecture along with the peaceful serenity of the desert makes Lake Las Vegas a place like no other.  Being out at Lake Las Vegas is like a world away from the rest of Henderson and the Las Vegas valley.  Although still close enough to be on the Las Vegas strip in 25 minutes.

Imagine waking up with the sun glistening off the lake and nearby foothills block the city lights just enough for picture perfect views of the stars at night.

To view homes and scope out Lake Las Vegas real estate use this link.

Where to Live in Las Vegas

I get asked all the time, "what are the good areas?".  Real estate professionals or Realtors, cannot legally speak to what a good or bad area is.  It is open to interpretation. What is a good area to you may be a bad area to someone else.  So deciding where to live in Las Vegas can be overwhelming to someone new to the area.  Ultimately you need to decide if schools are a factor and what about shopping or dining, do you want to be in the middle of it all or in a rural area. 

Each area of town offers something unique that other areas do not.  Here are just a few examples:

South West Las Vegas: New Wet & Wild water park
North West: Easy access to Mt. Charleston and Floyd Lamb State Park
North East: Close to Nellis AFB and downtown Las Vegas.
South East / Henderson - Lake Mead National Recreation area and Boulder City

Use this link to view school rankings and crime by zip code and discover where to live in Las Vegas !

Searching For The Perfect Home

When you are searching for the perfect home, be realistic with the market.  Don't fool yourself, it will only lead to disappointment. If you are serious about purchasing in the Las Vegas or Henderson real estate market currently, don't expect to find a 2,500 sq. ft. home with 4 bedrooms for $150,000 unless you are willing to go near downtown or the northeast area of the city.  In most areas of the Las Vegas Valley, home prices are nearing $100 per square foot.  Even higher if you are looking in Summerlin. 

With interest rates still remaining very low, most people don't realize they can raise the purchase price while still remaining well within their budget as far as the monthly payment goes.  If you are searching for the perfect home and you know what to look for to stay within your budget, the buying process will be much easier and you will be happier.  I stongly recommend speaking with a loan officer to see what you qualify for and get an understanding of what your payment will be before looking at that first house. 

Click here to begin searching for the perfect home or I can also put you in contact with a licensed mortgage professional.

Equity in Las Vegas Real Estate

The real estate market here in Southern Nevada had been so poor for so long that short sales and foreclosures were the norm.  Now there is equity in Las Vegas real estate.  Last month 55% of existing home sales were traditional sales, meaning the sellers sold for a profit.  This is the first time this has happened since 2008.  For someone contimplating on selleing a home, now is the time.  Buyers are buying because interest rates remain low and they are afraid prices will continue to rise, so they want in now.  If prices do continue to rise many buyers will be priced out of the market and we may begin to see a retreat in prices again which will also mean more inventory.    To see where you stand on your homes value, click here for a free report, emailed directly to you.

Buying a Home in Las Vegas

Buying a home in Las Vegas in the current market is certainly a challenge to say the least.  As of this morning there are 3,605 single family homes on the market in the Las Vegas valley which includes Las Vegas, North Las Vegas, Henderson and Boulder City.  That is roughly about 3 1/2 weeks supply.  A good market where everyone that wants to get a home can, on the 1st offer typically yoiu need at least 8,000 homes to be available.  Inventory obviously remains very low.  The lower the price, the tougher the purchase.  Even in the $400,000 range it is a challenge simply due to lack of supply in some neighborhoods.  There are areas in the Vistas village in Summerlin where there are 3 subdivisions without a single home available and it has been that way for the last 2 months.  In these neighborhoods, if a home does come on the market, the owner can just about ask any price and take offers.  Multiple offers are happening everywhere in the Las Vegas valley.  If you have just started looking and you think you found "the" home, you will soon realize buying a home in Las Vegas is more difficult than you think.  Be prepared to pay up to 25% + over the list price if you really like the home and don't even think about asking the seller for any concessions such as closing costs or doing repairs.  With that said, I did get 2 accepted offers for clients last week.  Buying a home in Las Vegas is a challenge but worth the effort.  Click this link to browse and see what is available today.

Homes in Inspirada Community of Henderson

Homes in the Inspirada community of Henderson have been sprouting up since 2007 just west of the Anthem community.  Inspirada is a master planned community that has a real sense of community.  The neighborhood was designed with outdoor activities in mind.  Parks, pools and walking trails are just a few of the distinct features in the community.  The homes and townhouses that lie on the interior of the community all have "rear loading" garages, meaning garages are located in the back of the homes and they are accessed via alley ways.  Some homes are situated on "walks" instead of streets.  The walks have 6-8 homes and in place of a street between them there is a large grassy park like setting, giving the illusion of a large front yard.  All homes in the Inspirada community of Henderson also have access to at least one community pool.  Some townhomes feature rooftop patios.

The Inspirada community is still being built out.  The current home builders in the neighborhood are KB Home and Toll Brothers.  The homes range in price from the mid $100's to high $300's and range in size from 1,000 Sq. Ft. townhouses to large 3,000 Sq. Ft. single family homes.  The homes are 1 and 2 story with some a few 3 story townhouses and Brownstone style condos.

Click here for homes in Inspirada community of Henderson as well as homes throughout the Las Vegas valley.